Problem 1 Workpapers This spreadsheet has mis Part A Workpaper #7 1. PRODUCTION BUDGET Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Workpaper #2 2. DIRECT MATERIALS PURCHASE BUDGET Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Question 1 31 pts Fillmore Company has developed the following standards related to the production of their finished units: Direct Materials (7 pounds per unit @ $6 per pound) Direct Labor (6 hours per unit @ $12 per direct labor hour) Variable Overhead (9 machine hours @ $5 per machine hour) Fixed overhead costs are estimated at $323,100 per quarter. Selling and administrative costs are expected to be $3 per unit variable and $370,000 fixed per quarter. The expected selling price is $280 per unit. The following sales forecast is available for the year 2020: 1st Quarter 7,000 units; 2nd Quarter 9,000 units: 3rd Quarter 8,000 units; and the 4th Quarter 11,000 units. The expected sales in the 1st Quarter of the year 2021 are 10,000 units, Management policy is to maintain a finished goods inventory equal to 30% of the next quarter's sales and a raw materials inventory equal to 25% of the next quarter's material production requirements. The beginning inventories of the 1st quarter of the year 2020 are expected to meet these same requirements, REQUIRED: Part A 1. Prepare a production budget, by quarters for 2020 in Workpaper #1.(12 pts) 2. Prepare a direct materials budget for the first TWO quarters of 2020 in Workpaper #2. (12 pts) Home | Chego Part B Compute the following amounts: 1. What is the budgeted production for 2020 for the YEAR? (1 pt) 2. What total amount of machine hours will be needed to produce the annual production? (1 pt) 3. What are the total budgeted fixed overhead costs for the year 2020? (1 pt) 4. Based on an activity measure in machine hours, what is the pre-determined fixed overhead rate for 2020? (2 pts) 5. What is the total standard cost to produce ONE unit? (4 pts) Part C Compute the following amounts: (2 pts each) 1. What is total budgeted direct labor cost? 2. What is total budgeted variable overhead cost? 3. What is total budgeted fixed overhead cost? 4. What amount of fixed overhead cost will be applied to production? 5. What are total budgeted dollar sales? 6. What is total budgeted cost of goods sold? 7. What are the total budgeted selling and administrative costs? Part C Compute the following amounts: (2 pts each) 1. What is total budgeted direct labor cost? 2. What is total budgeted variable overhead cost? 3. What is total budgeted fixed overhead cost? 4. What amount of fixed overhead cost will be applied to production? 5. What are total budgeted dollar sales? 6. What is total budgeted cost of goods sold? 7. What are the total budgeted selling and administrative costs? 8. What is the budgeted net income? 9. What is the budgeted ending balance (in dollars) of the raw materials inventory? 10. What is the budgeted ending balance in dollars) of the finished goods inventory? Part D 1. What amount of fixed overhead cost will be applied to production for the year in 2020? (2 pt
